Altcoin
Altcoins from the Ethereum ecosystem up 20%, Bull Run Ahead?
Over the past 24 hours, the price of Ethereum (ETH) has skyrocketed by a staggering 20% on news that the spot approval odds of an Ethereum ETF have increased from 25% last week to 75% today. This comes as the US SEC has urged issuers to submit their own 19b-4 filing quickly. However, not only Ether (ETH), but also altcoins from the entire Ethereum ecosystem rejoiced.
Altcoins rally together with Ethereum
On-chain data provider Santiment reports a significant surge in the cryptocurrency market following the increased likelihood of an Ethereum ETF approval. The probability of Ethereum ETF approval rose to 75%, up from 25%, triggering market capitalization gains across the altcoin sector.
The wait for Ethereum’s first spot ETF has catalyzed one of the top five trading days in 2024 for the cryptocurrency market. Major altcoins, including $ETH, $UNI, $PEPE, $BONK, and $LDO, have recorded gains of more than 20% in the past 24 hours. In the meantime, Bitcoin rises to $71,400 for the first time in six weeks it became almost an afterthought amid the broader market rally.
The overall cryptocurrency market is up a staggering 8.5% in the past 24 hours, surpassing $2.6 trillion, and daily trading volumes are up 140%.
The Altseason will start soon
After almost a month of sideways consolidation, altcoins are back in action again. Renowned cryptocurrency market analyst Michael van de Poppe believes the bottom for altcoins has already been reached.
Crypto analyst Michael van de Poppe advises investors to increase risk appetite as the market prepares for potential gains. According to van de Poppe, altcoins have bottomed out against Bitcoin over the past four months and are poised for an upward reversal.
The next few weeks are expected to be crucial, especially with the expected Ethereum ETF launching next week. Van de Poppe suggests that these developments could mark the start of an exciting period for the cryptocurrency market.
Popular investor Anthony Pompliano said that the approval of a spot Ether ETF would literally open the door for other ETFs to be approved in the market. This would also mean that many of the altcoins would also fall under regulatory purview.